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Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

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Marine fuel supplier strengthens trading platform with new hire at recently established UAE hub.
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Dubai-based company is recruiting for a senior bunker trader role to manage global fuel sales and procurement.
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Singapore-headquartered firm advertises position as part of UK expansion.
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Nasdaq-listed marine fuel provider advertises positions as part of expansion into Greek market.
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Wallenius Marine and Salén Ship Management examine wind propulsion potential beyond cargo shipping.
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Swedish shipowner places order with China Merchants Industry for next-generation vessels designed by NAOS.
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Event at London headquarters will examine recent experiences and future prospects for biofuels in shipping.
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Spanish firm to showcase dual-environment hydrogen production system for vessels and ports at Maritime CleanTech event.
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Environmental coalition calls on three Arctic nations to support Denmark-led measure on black carbon emissions.
Valenciaport and Port of Santos MoU signing. Valencia and Santos ports establish green corridor to decarbonise transatlantic trade  

Ports sign agreement to promote low-emission fuels and shore power on Europe–South America route.

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